While the buyers are having fun it seems that the relentless slow motion avalanche of economic disaster is being kept at arms length. Presuming that government largesse in baling out the banks was not entirely without rationale, and it was intended to ease the pressure on those struggling with debt, it looks like that piece of thinking might be a little wayward. While banks boost their balance sheets, rent arrears and mortgage repossessions- so blissfully ignored, are mounting and hitting record levels.
Shops are having a ball, while landlords, and lenders subsidize the spending frenzy.
The facile language of 'kickstarting the economy' may well produce a much worse outcome as the unintended consequences of the 'infinite wallet of bad government' undermines a financial system that needed replacing not patching up.
I'd like to think that I am simply pre-disposed to the doomier side of things, I'm naturally a happy person, but cannot see any evidence to suggest there are green shoots, or stabilizing of house prices. I see a huge swathe of indebted people not facing up to their responsibilities, and yet they want to maintain a lifestyle that is plain unrealistic.
People will need to learn a new word -penury.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment